The federal government has announced that the student loan scheme will initially be available to students from federal universities, with plans to expand the program in phases.
Akintunde Sawyerr, managing director of Nigeria Education Loan Fund (NELFUND), made the announcement on Monday during a conference in Abuja.
According to Sawyerr, the loan scheme will prioritize students from federal institutions at all levels, with a maximum of 1.2 million students from federal tertiary institutions eligible to receive the loans. To be eligible, students must attend institutions that have submitted their data to the fund’s dashboard.
Sawyerr encouraged students in federal institutions to take advantage of the opportunity, submitting applications early to ensure timely processing. The simplified loan application process will cover 100 per cent of each applicant’s school fees, paid directly into the school’s account.
Also, beneficiaries will receive monthly stipends to purchase additional items, making their time in school more comfortable. Provisions for vocational skills or qualifications will be established soon, and beneficiaries will begin repaying the loan two years after completing the National Youth Service Corps (NYSC) program.
